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USA Today
6 days ago
- Business
- USA Today
The Daily Money: Trump tax bill goes to the Senate
The Daily Money: Trump tax bill goes to the Senate Good morning! It's Daniel de Visé with your Daily Money. House Republicans have done their job, narrowly passing President Donald Trump's sweeping tax and policy bill. Next up: the Senate. As members of Congress return to Washington today after a weeklong break, the upper chamber will dig into the more than 1,000-page bill. House Speaker Mike Johnson has urged his Senate counterparts to "make as few modifications to this package as possible," but senators may have other plans. Long waits on the job market When Jessica Chibuzor-Muko graduated from college a year ago, she figured her degree in cybersecurity would serve as a ticket to a near-certain job at a good salary. Then she ran into the brick wall known as the 2025 U.S. job market. No more sticker shock? American consumers may be learning to live with inflation. A long-running Gallup poll shows a steep drop in the share of Americans who name inflation as their biggest financial problem. Another recent survey, from the Ipsos Consumer Tracker, found fewer Americans think prices are rising. Are we getting used to higher prices? 📰 More stories you shouldn't miss 📰 About The Daily Money Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. Daniel de Visé covers personal finance for USA Today.
USA Today
31-05-2025
- Business
- USA Today
Sticker shock: Are American consumers learning to live with inflation?
American consumers may be learning to live with inflation. A long-running Gallup poll shows a steep drop in the share of Americans who name inflation as their biggest financial problem. Only 29% of consumers listed inflation as their top financial concern in April, down from 41% in April 2024. It's the lowest reading on the annual survey since 2021. Another recent survey, from the Ipsos Consumer Tracker, found fewer Americans think prices are rising. The share of consumers who said their household expenses are higher than a year ago slipped from 68% in February to 58% in May. Is inflation still top of mind for American consumers? Other surveys suggest, however, that inflation remains very much on consumers' minds. Need a break? Play the USA TODAY Daily Crossword Puzzle. In a CBS News poll, taken in late May, 76% of Americans said their income wasn't keeping up with inflation. And a University of Michigan consumer survey, updated May 30, found that Americans expect prices to rise by 6.6% over the next year, twice the annual inflation rate they predicted a year ago. Economists say American consumers harbor complex feelings about inflation. On one hand, consumers have consistently cited rising prices as a top household concern, a sentiment that dates back to the dawn of the COVID-19-era inflation crisis in 2021. On the other hand, through four inflationary years, Americans have continued to spend. Consumer spending has risen steadily from 2021 through early 2025, despite rising prices. (Consumer spending slowed slightly in April, according to data released May 30.) 'We've had a remarkably robust consumer for the past 3 ½ years, when we've had a lot of inflation,' said Aditya Bhave, senior U.S. economist at Bank of America. Americans have had plenty of time to get used to inflation. The annual rate has hovered above 2% for every month since February 2021, federal data shows. The Federal Reserve sets 2% as its goal for a healthy inflation rate. The sky-high inflation of 2021 and 2022 is long gone. The annual rate hasn't topped 4% since early 2023. In April 2025, inflation registered at an unremarkable 2.3%. 'We don't have the super-high, 6%, 7% and 8% inflation numbers anymore,' said Yiming Ma, an associate professor at Columbia Business School. 'If you listen to the news, it's not as much about inflation anymore.' Financial fears in 2025 go beyond inflation For much of this year, other financial worries have dominated the financial headlines: Tariffs. Turbulent stocks. Instability at Social Security, the IRS and other federal agencies. Potential Medicaid cuts. Many of those fears peaked in April, the month President Donald Trump rolled out sweeping import tariffs. 'There's a lot of moving parts that were affecting consumers attitudes toward the economy in April,' said Bill Adams, chief economist at Comerica Bank. Adams notes that Gallup polled consumers about financial worries in early April, just as the tariff drama was unfolding. Tariffs, of course, are widely presumed by economists to cause inflation. In the University of Michigan Surveys of Consumers, inflation fears spiked dramatically as the Trump administration pursued tariffs. In January, the average consumer expected prices to rise 3.3% in the next year. By May, the figure had risen to 6.6%. That data point, too, is complicated – and highly politicized. Is inflation still a thing? It depends on your politics. Democrats expect prices to rise by 8% over the next year, according to Michigan survey data from April. Republicans expect them to rise by 0.4%. The figures are three-month averages. The disparity suggests Democrats and Republicans occupy separate realities. Economists say it illustrates that one party expects Trump's economic policies to succeed, while the other expects them to fail. 'There's a huge amount of partisan influence when you see consumer sentiment,' Stephen Juneau, senior U.S. economist at Bank of America Securities, told USA TODAY in March. Americans seem largely united, however, in their disdain of higher prices. Consumer prices are about 24% higher now than in February 2020, at the dawn of the pandemic, Bankrate reports. 'The cumulative increase in prices over the last half-decade has been much higher than it was from 2015 to 2020,' said Adams of Comerica. 'And I think that is what has contributed to this sense of frustration about inflation among American consumers.' Before the current inflation outbreak, America had not experienced an inflation crisis in 40 years. The 8% annual inflation rate in 2022 was the highest figure recorded since 1981, according to Federal Reserve data. When will consumers forget about inflation? American consumers may have learned to live with inflation. Here's what it would take for them to forget about it, according to Adams and other economic experts: 2% inflation The Fed aims for a target of 2% annual inflation: A level so low that consumers tune it out. If the annual inflation rate reaches that range and stays there, the Fed reasons, most Americans won't notice it. 'I think you'd need an extended period of somewhat lower inflation, in the low 2s or high 1s, along with wages that are outpacing that inflation,' said Bhave of Bank of America. Time to adjust If inflation eases to 2%, the Fed's target rate, it might still take many months for consumers to adjust to permanently higher prices. 'It is not long ago that you can remember what eggs cost in 2021 or 2021, compared to now,' said Alex Jacquez, chief of policy and advocacy at the progressive Groundwork Collaborative. Consumer prices spiked dramatically in 2021 and 2022. Prices continued to rise in 2023 and 2024, but not so sharply. If inflation continues to cool, and wages continue to rise, Jacquez and other said, the day will come when prices no longer seem so high. 'I think we could see consumers adjusting to prices as they are today, if we see the rate of inflation going to where it used to be,' Adams said. 'But it'll take time.'
Axios
01-05-2025
- Business
- Axios
Stephen Miller: Most Americans would pay more for U.S.-made dolls
The doll debate continues: After President Trump acknowledged that toy shortages were a possible tariff side effect, Deputy Chief of Staff Stephen Miller argued that "almost every American consumer" agrees they'd pay more for an American-made doll. The big picture: Miller on Thursday emphasized the administration's persistent argument that tariffs would force manufacturers to produce more goods in the U.S. — but domestic retailers fear the trade war with China will leave prices higher and shelves empty. Driving the news: Asked about the president's acknowledgement that dolls might cost more under the trade war with China, Miller contended that Trump was making the point that most American consumers would choose an American-made toy over a Chinese-manufactured one. Presented with "the doll from China that might have ... lead paint in it that is not as well-constructed" and "a doll made in America that has a higher environmental and regulatory standard and that is made to a higher degree of quality," he said, "you probably would be willing to pay more for a better-made American product." But he added that tax and regulation cuts means it "will be cheaper than ever to make and manufacture in America." Catch up quick: Miller's and Trump's comments come among concerns the 2025 holiday shopping season will be significantly disrupted as imports are expected to plunge and prices are primed to rise. Trump, speaking to reporters Wednesday, acknowledged that " Somebody said, 'oh, the shelves are gonna be open.'" He continued, "Well, maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls will cost a couple of bucks more." Treasury Secretary Scott Bessent echoed that sentiment in March, saying that "access to cheap goods is not the essence of the American dream." Factories in China produce nearly 80% of all toys sold in the U.S., per the New York Times. The American-made divide By the numbers: Polls suggest that there are divides in consumer sentiment regarding where a product is made. According to polling earlier this year from the Ipsos Consumer Tracker, a majority (56%) do say they like buying American, even if it costs more — but Republicans are around twice as likely to agree with that statement as Democrats. Around 64% of respondents said they agreed American-made products were better quality. A 2022 survey from Retail Brew and The Harris Poll of 1,986 US adults found that nearly half (48%) said they'd be willing to pay around 10%–20% more for an American-made good. 17% said they'd be willing to pay around 30% more. Afina, a company that makes shower heads, recently put the choice to the test. They offered a secret landing page with two identical products, one labeled "Made in Asia" for $129, and another that was "Made in the USA" priced at $239. Forbes notes that the higher price was based on a manufacturing cost three times as high in the U.S. as it is in China and Vietnam. In the end, while site visitors added two dozen USA-made products to their cart, there were no final purchases. There were, however, over 580 purchases of the Asian-made product. What we're watching: The administration recently signaled a softer stance on China, as CEOs privately warned him his trade policy could disrupt supply chains and raise prices. "We're doing very well with respect to a potential trade deal with China," White House press secretary Karoline Leavitt told reporters last week. Miller on Thursday, asked about the end goal of the levies on China, said Bessent is "in the process of developing a plan that will answer" such questions. But he added, "Tariffs will bring significant revenue into this country that will allow us to pursue our dramatic plan of tax cuts and reforms."
Forbes
24-04-2025
- Health
- Forbes
Quick Wellness Hits For Mental Health Awareness Month
Sometimes just looking at a relaxing scene in nature is enough, but imagine how much better it is to ... More be there. These days, stress is all around us. After all, there are so many objective reasons to feel stress. This month is National Stress Awareness Month, intended to shine a spotlight on all that stress and motivate us to do something about it. And it slides right into May, which is Mental Health Awareness Month. Whether you (finally!) get out the ashwagandha gummies, crack open that bag of mushroom-fortified coffee or take a class on decocting relaxing herbal elixirs, self-care can diffuse and distract from stress and anxiety, which can be quite therapeutic. Doing something right now, preferably something that fosters a sense of community, can help get you back on track toward feeling a sense of calm, balance and well-being. Here are a few easy ways to re-calibrate, de-stress and beat the doldrums. Beach, forest, mountains—a nature-immersive getaway will always relieve stress and make you feel ... More more balanced. Plan a getaway–and then actually go! Last year, two out of three people surveyed by Ipsos Consumer Tracker planned to take a summer getaway. But only half that number actually went! A long weekend is a great refresher, and you don't need to go far. Be spontaneous and book it on the fly. If you can break for the beach, the salty sea air and pounding surf is a great restorative. The Sanctuary Beach Resort, a 60-room beachfront getaway set along 19 acres of natural sand dunes and California coastline along the Monterey Peninsula, outside San Francisco, is a perfect restorative. Recently reopened after an extensive renovation, Sanctuary offers accommodations right on the beach along with a range of wellness experiences that include beach or power yoga, journaling, chakra alignment reiki, sound bath meditation and more. Whether you are seeking solitude, immersion in nature or a reconnection with family or friends, you will find it in a comfortable and cozy seaside cottage, where your choice of lavish breakfast is delivered in a picnic basket directly to your door. If you are looking for a structured wellness weekend, the Burnout Recovery Journey begins with a Nourishing Welcome Basket of snacks and nonalcoholic aperitifs. Head for the Renewal Studio & Spa for a 90-minute Relaxation Massage and 30-minute HIGHERDose Infrared PEMF Mat experience. Also included is a a SLNT Faraday Phone Sleeve for digital detox and a 20-minute Sleep Hypnosis Audio, if the sound of the ocean waves outside your door isn't enough for you. Also new, the Solstice Detox Massage will stimulate circulation along with the lymphatic system and the body's natural endorphins. A la carte, the new Solstice Detox Massage begins with dry brushing followed by a seaweed mask applied to the body to detox and hydrate the skin. The coup de grace is a 60 minute relaxing massage followed by a natural mood-boosting HigherDose red-light mask. That, along with beachfront yoga and mediation should coax you back to a state of well-being quickly! With the Salt Wood Kitchen & Oysterette restaurant and bar at hand, you will be deliciously nourished and fortified. If you do feel like venturing off property, Sanctuary isn't far from the Monterey Aquarium or the picture perfect town of Carmel-by-the-Sea. At the close of day, enjoy the beautiful sunset 'BondFire'--a private beach bonfire overlooking the sea, intended to foster connection with family and friends while you share a glass of wine, snacks and maybe dinner on the beach. The Ranch Motel, a renovated vintage property in San Antonio, offers membership passes and a roster ... More of popups and programming to foster a sense of community. If you can't get away, enjoy a staycation–or plan several. For those who love hotels, the purchase of a ResortPass can be an easy way to enjoy a day stay at a hotel not far from home, where you can book a pool cabana and spend the day poolside. Find a luxurious spot to do nothing, or, if you must, bring your laptop and work, while enjoying hotel wellness and spa amenities such as steam and sauna; access to a hot tub, beach or fitness center; yoga or kayak rentals. Resort Pass offers access to 1500 luxury hotels in 250 cities across 35 states, including Four Seasons, Fairmont, Waldorf-Astoria, Ritz-Carlton, JW Marriott. (If you are booking an Airbnb in a warm weather destination, the Resort Pass allows access to hotel pools and spas nearby, without staying there.) Many hotels also now offer their own 'membership pass' which can allow access to their pool, grounds, wellness classes, spa and other hotel-stay-for-a-day amenities. At the vibey Ranch Motel & Leisure Club, a re-upped motel in San Antonio, owner Jayson Seidman, founder/CEO Sandstone Ltd., has tapped into a nostalgia for community with day passes, popups and programming and memberships that include use of the facilities from pickleball courts to live music, the mescal lounge and pool. He's rolled out the concept to eight other properties around the US. 'People miss belonging, having a sense of community,' Seidman says. 'It's not about being exclusive, for us it's about people who enjoy having interesting conversations and meeting people.' When it comes to a dance class at Fly Dance Fitness, enjoying yourself just comes with the ... More territory. Head to a dance class. For years, I would walk by the Alvin Ailey Dance Studio on Manhattan's West Side and peer into the floor-to-ceiling glass windows, watching students who looked like they were having a great time. I finally tried it, and guess what? They were! Dance is a surefire mood booster. Dancing not only feels good and makes you happy, it releases endorphins, reduces cortisol levels and releases oxytocin (the bonding hormone that is released when connecting with others) and dopamine along the way, according to Stacey Marks, CEO, Fly Dance Fitness, a gym that fosters community through dance. 'Dance as a fitness modality is more than just a physical workout, it's a mental health oasis,' she says. 'Dancing to high energy music from our clubbing days brings back a sense of nostalgia, making the workout that much sweeter. Everyone is there to have a good time and great workout. So much of what we do at Fly Dance Fitness is building friendships, forming bonds and loving what you see in the mirror.' Especially over the holidays or in the dead of winter, go out dancing, or join a class and get those joy boosters shaking. Dancing reduces cortisol levels and releases oxytocin (the bonding hormone that is released when connecting with others), dopamine and endorphins. And 'dancing to high energy music from our clubbing days also brings back a sense of nostalgia, making the workout that much sweeter,' says Marks. The Latin American Contemporary Art Gallery at the San Antonio Museum of Art (SAMA). Visit a local gallery or museum, discover something new and look at an awe-inspiring piece of art–it will restore your faith in humanity. It may even enable you to stumble onto something new, get outside yourself and lift your spirit, even for an hour. This past week, I popped into the San Antonio Art Museum (SAMA), a beautiful building filled with Ancient Egyptian and Asian galleries, along with rotating exhibitions that feature contemporary Latinx artists such as Amalia Mesa-Bains. And I stumbled on a modern gallery that I'd never seen before, with works by Philip Guston, Helen Frankenthaler, Richard Diebenkorn, Helen Frankenthaler, Philip Guston, Dorothy Hood, Hans Hofmann, Frank Stella, Diego Rivera, David Siquieros, Orozco. I also found a contemporary Indigenous Australian art collection and an entire gallery devoted to Art of the Americas pre-1500 that I didn't know was there! That brief immersion completely recalibrated my stress levels and brought me back to balance. Yoga instructor Kevin Joseph starting the day with a few asanas. If you practice yoga, now is a good time to ramp up your practice, and if you don't, it may be a good time to start. Stress can cause you to hyperventilate or take shallow breaths, and yoga puts a focus on coordinating movement with deep breathing. And if yoga is not your jam, when you find yourself feeling stressed, while sitting at your desk, try mindful breathing: Kevin Joseph, yoga instructor, Ay Well + Fit Studio, recommends taking a moment to take a deep breath in through your nose, count to 4 then release the breath slowly. Repeat three times. Take a walk and focus on the smallest things along your path with curiosity about how it makes your life easier. 'Breath work, meditation and yoga practices de-stress the body by allowing the parasympathetic nervous system to be activated, allowing the oxygen to be carried through the most integral areas of the body,' says Joseph. A friend and fellow yoga lover used this to sign off on an email just this morning: Inhale. Exhale. Repeat. Take advantage of this time of year and motivate yourself to work on small ways to de-stress and jump-start Mental Health Awareness Month.
